Munich’s hotel room inventory has increased 11.3% since the end of 2015. Currently, the Munich market comprises 463 hotels and 47,880 rooms, making it the third-largest hotel market in Germany. Berlin and Frankfurt rank first and second with 73,211 rooms and 48,507 rooms, respectively.
Christian Strieder, STR’s Country Manager for Germany, Austria and Switzerland, notes that Munich’s performance has shifted in recent years amid significant supply growth.
Occupancy declined in both 2016 (-3.4%) and 2017 (-0.4%), and was down 0.6% through the first 10 months of 2018. However, while average daily rate (ADR) fell 4.0% in 2017, the metric was up 4.0% for that October 2018 year-to-date time period. Demand (room nights sold) was up 4.2% as well.
“Event and conference business tends to play a key role in Munich’s hotel business,” Strieder said. “We often see a fluctuation in hotel demand from events, while regular corporate demand usually remains steady. Markets that rely heavily on event business can experience sharp seasonal fluctuations in year-over-year performance levels. Large conferences will shift locations, and those that remain in the same city are usually not held annually. As Munich’s hotel inventory expands, and the market continues to accommodate large events, it may take time for performance to stabilize during non-peak periods.”
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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